...

French court decision on IMF chief Lagarde postponed to August 4

Other News Materials 8 July 2011 14:15 (UTC +04:00)
New International Monetary Fund (IMF) chief Christine Lagarde will have to wait another month before finding out whether she faces an investigation in France, a court in Paris announced Friday.
French court decision on IMF chief Lagarde postponed to August 4

New International Monetary Fund (IMF) chief Christine Lagarde will have to wait another month before finding out whether she faces an investigation in France, a court in Paris announced Friday.

The Court of Justice of the Republic postponed until August 4 the announcement of its decision on whether to formally investigate Lagarde for alleged abuse of authority in an arbitration case when she was finance minister, DPA reported.

The decision had been expected Friday.

The court, which investigates wrongdoing by members of government, had already postponed the announcement from June to July, during which time Lagarde left Paris to becoming managing director of the IMF.

The allegations relate to a multi-million-euro payout by the state in 2008 to Bernard Tapie, a businessman and former government minister, to settle a dispute between Tapie and Credit Lyonnais bank.

Tapie had challenged the bank's handling of the sale in 1993 of the Adidas sportswear company which he then owned. At the time of the sale the bank was owned by the state.

Lagarde, who is accused of ignoring expert advice to challenge the amount of the payout decided at arbitration, has denied any wrongdoing.

Latest

Latest